King County Councilmember (District 5) Dave Upthegrove joined Habitat for Humanity Seattle-King County and U.S Bank to celebrate the groundbreaking of a brand-new eco-friendly Habitat neighborhood – La Fortuna – in Renton. The event on September 23 was a scaled-down version of Habitat’s typical project groundbreakings, in order to adhere to social distancing guidelines.
Other distinguished guests included Sabrina K. Seward, CFP®, Vice President and Senior Private Wealth Advisor at U.S. Bank Private Wealth Management. U.S. Bank contributed $15,000 to support the project, and Seward serves on Habitat SKC’s Resource Development Committee.
La Fortuna, when completed in mid-May of 2021, will provide housing for 12 families in three buildings at the end of a private road, each with two four-bedroom (1,300 sq. ft.) end units and two three-bedroom (1,100 sq. ft.) interior units. The sustainable units are certified to Evergreen Sustainable Development Standards.
“We believe that every individual and family deserve access to safe, accessible and affordable homes and that children and families are far better positioned to thrive and succeed in a home that is safe and permanent,” said Nicole Bascomb-Green, U.S. Bank’s community affairs manager for Washington and Idaho. “Our support for La Fortuna not only helps homeownership become a reality, but these homes will ensure that low-income, hard-working people continue to have a place to build their lives in King County.”
In an area with an average home price of well over $461,000 and rising, these homes will ensure that low-income, individuals and families can continue to have a place to build their lives in King County. As with the more than 390 new, low-income homeowners Habitat has served in King County, these new residents will receive financing with help from Habitat to ensure their housing costs are affordable. These properties will be placed in the Habitat Land Trust, ensuring permanent affordability for future generations and families.
On the open market, these homes would be expected to sell for between $385,000 – $425,000. Habitat’s model will enable it to cut building costs for this project and to sell these homes to partner families for $220,000 – $270, with mortgage terms that are affordable to them (not to exceed 30% of the family’s monthly gross income over 30 years).